PVIRe held preliminary conference for the first 3 months and implementation of the second quarter of 2016 plan

On 11th April 2016, PVI Reinsurance Joint Stock Corporation (PVIRe) successfully held the preliminary conference to review its performance during the first three months of year 2016 and set out plan for the next quarter at PVI Tower, 1st Pham Van Bach Street, Cau Giay District, Hanoi. In the event, PVIRe was honored to welcome the presence of Leaders from PVI Holdings, PVI Insurance Corporation and other associated companies.

During the first quarter of 2016, the domestic insurance market situation did not fluctuate much in general. The growth was focused on the retail sector, while other business lines such as construction and erection, liability, hull and P&I, were declined or had low growth. Energy and property fields slumped affecting reinsurance business (reduction of premium and share). In the first 03 months of year 2016, there were some big losses occurred such as: Loss of Dong Thien Phu Vessel; fire damage to a warehouse in Bac Ninh Province, a wooden workshop in Bac Ninh Province, Dorco Vina Company in Hung Yen Province and Vigracera factory in Phu Tho Province; etc. Although international reinsurance capital has signal of leveling off, but still being redundant leading to high competition and the decrease in reinsurance premium.

Mr. Bui Van Thuan – CEO of PVI Holdings delivered a speech at the meeting

At the end of first 3 months in 2016, besides the success of numerous activities to celebrate PVI’s 20-year establishment anniversary, business efficiency is also continuously focused. Thanks to the effort of all staffs, PVIRe continues to achieve positive results of primary business indicators in terms of revenue and profit. In particular, total revenue rounded up nearly VND 419.2 billion achieving 122.6% of the original plan, in which VND 329.6 billion belonged to reinsurance premium completing 24% of set out plan. Profit before tax was estimated at 33 billion, completing 112% of the first three month of year 2016 plan.

CEO of PVIRe delivering preliminary report

At the meeting, some remaining issues as well as key performance indicators were clarified, discussed and analyzed closely for the first three months of 2016. Representatives from different divisions and departments had presentation about achievement and improvement in business activity in order to get the best result, concurrently pointed out some business solutions to address current problems and enhance efficiency to accomplish successfully target plan for the sencond quarter and the whole year 2016. Besides, Mr. Duong Thanh Danh, Director of HDI Global at Asia-Australia region and CEO of PVI Holdings also delivered the speech with comments on PVIRe’s business results in first quarter of 2016 and recommended direction for the major tasks of the company in next quarters.

The achieved business result in the first quarter is the basis for PVIRe to be more confident and consistent with the orientations in the coming quarters in order to step by step actualizing all target of 2016 – the first year of PVIRe’s 5-year strategy (2016-2020)